Cendant to buy back $500M in shares; may speed up spinoffs

GabrielMadway

SAN FRANCISCO (MarketWatch) -- Cendant Corp.
CD, +0.00%
said Friday that it has entered into an agreement with a broker-dealer to buy back up to $500 million of its shares, and said it may accelerate its plan to split into four separate, independent companies. Speeding up the breakup plan would allow Cendant to complete the first two spinoffs, for the real estate and hospitality units, in the middle of the second quarter, the travel and residential real estate services provider said.

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